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Tuesday, Fatih Birol, International Energy Agency's chief economist said in an interview to the Financial Times that higher oil prices could dampen global economic recovery. He said initiatives to control oil speculation are good steps, but they are not going to reduce prices considerably.
In a separate interview to The Independent, Birol said oil is running out far faster than previously anticipated and global output is likely to peak in around 10 years. This is a decade earlier than most governments had predicted. He said recovery will be slow and fragile, carrying the risk that it will be strangled with higher oil prices.
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